Categories Earnings, Finance

Wells Fargo beats on revenues, misses on earnings in Q3

Banking giant Wells Fargo (NYSE: WFC) on Tuesday reported revenues of $22 billion for the third quarter of 2019, which exceed the street consensus of $21.2 billion.

Meanwhile, Q3 earnings of 92 cents per share missed the average analysts’ estimate of $1.14 per share. The bank pointed out that the EPS for the quarter included discrete litigation accrual of 35 cents and a gain of 20 cents from the sale of its Institutional Retirement and Trust unit.

wells fargo wfc q3 2019 earnings results. wells fargo reported mixed bag

Without these two one-time items, Q3 EPS would still have missed the estimate by 7 cents.

WFC shares were slightly down during pre-market trading hours on Tuesday. The stock has gained a modest 4% from the beginning of this year.

CFO John Shrewsberry said, “Our net charge-off rate remained near historic lows, and we had strong capital returns, including increasing our quarterly common stock dividend by 19% and reducing our common shares outstanding by 9% compared with a year ago, while maintaining a strong capital position.”

Last month, Wells Fargo had announced the appointment of Charles W. Scharf as the new Chief Executive Officer and President, effective October 21. Scharf was previously Chairman and CEO at Bank of New York Mellon.

Meanwhile, rival Citigroup Inc. (NYSE: C) reported a 6% increase in earnings for the third quarter of 2019 helped by the lower effective tax rate and higher revenues despite higher expenses and cost of credit. The results exceeded analysts’ expectations.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Salesforce stock hit by weak guidance, co-CEO’s exit. What next?

For technology stocks, 2022 has been a challenging year, with companies losing significant market value amid prolonged stock selloff. In that respect, Salesforce, Inc. (NYSE: CRM) is among the worst-affected

Macy’s (M): Here’s a look at the retailer’s expectations for the near term

Shares of Macy’s Inc. (NYSE: M) were down on Thursday. The stock has gained 36% over the past three months and 18% over the past one month. The company’s sales

KR Earnings: Kroger Q3 sales, profit increase and top expectations

Department store chain The Kroger Co. (NYSE: KR) on Thursday said its third-quarter sales and adjusted earnings increased year-over-year. The latest numbers also exceeded the market's expectations. Net earnings attributable to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top